Coinbase Global (NASDAQ:COIN) Shares Up 4.3% – Time to Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) traded up 4.3% on Wednesday . The stock traded as high as $284.00 and last traded at $279.62. 4,805,053 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 11,203,648 shares. The stock had previously closed at $268.15.

Analyst Ratings Changes

Several brokerages have weighed in on COIN. Keefe, Bruyette & Woods boosted their price objective on Coinbase Global from $165.00 to $275.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Needham & Company LLC boosted their target price on Coinbase Global from $375.00 to $420.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Oppenheimer boosted their price objective on Coinbase Global from $265.00 to $358.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. HC Wainwright restated a “buy” rating and set a $295.00 price target on shares of Coinbase Global in a report on Tuesday, October 29th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $280.00 price target on shares of Coinbase Global in a research report on Thursday, October 31st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $286.22.

Coinbase Global Price Performance

The stock has a fifty day moving average price of $272.28 and a 200-day moving average price of $227.16. The firm has a market capitalization of $70.00 billion, a PE ratio of 47.72 and a beta of 3.57. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.03 and a current ratio of 1.03.

Coinbase Global (NASDAQ:COIN) last issued its quarterly earnings data on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.13). Coinbase Global had a net margin of 29.76% and a return on equity of 14.81%. The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same period last year, the firm earned ($0.01) EPS. The business’s quarterly revenue was up 78.8% compared to the same quarter last year. Sell-side analysts forecast that Coinbase Global, Inc. will post 4.44 EPS for the current fiscal year.

Insider Buying and Selling at Coinbase Global

In related news, Director Frederick Ernest Ehrsam III sold 7,614 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $325.14, for a total value of $2,475,615.96. Following the completion of the sale, the director now directly owns 10,417 shares of the company’s stock, valued at $3,386,983.38. This represents a 42.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Brian Armstrong sold 58,269 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $328.00, for a total value of $19,112,232.00. Following the transaction, the chief executive officer now directly owns 526 shares in the company, valued at approximately $172,528. This represents a 99.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 260,720 shares of company stock worth $78,086,248 over the last quarter. 23.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Coinbase Global

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC grew its holdings in shares of Coinbase Global by 0.8% during the 3rd quarter. Empowered Funds LLC now owns 5,185 shares of the cryptocurrency exchange’s stock worth $924,000 after purchasing an additional 43 shares during the period. Creative Financial Designs Inc. ADV increased its holdings in Coinbase Global by 9.4% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 595 shares of the cryptocurrency exchange’s stock worth $106,000 after purchasing an additional 51 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Coinbase Global by 12.1% in the 2nd quarter. Larson Financial Group LLC now owns 530 shares of the cryptocurrency exchange’s stock valued at $118,000 after purchasing an additional 57 shares in the last quarter. Benjamin Edwards Inc. grew its position in shares of Coinbase Global by 3.1% during the second quarter. Benjamin Edwards Inc. now owns 2,009 shares of the cryptocurrency exchange’s stock worth $446,000 after buying an additional 61 shares in the last quarter. Finally, Brooklyn Investment Group increased its position in shares of Coinbase Global by 3.9% in the 3rd quarter. Brooklyn Investment Group now owns 1,760 shares of the cryptocurrency exchange’s stock worth $314,000 after purchasing an additional 66 shares during the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.